Dogecoin (DOGE) has been in a consolidation phase, unable to surpass the $0.44 resistance for nearly a month. The price hasn't reclaimed its $0.48 high from November, causing uncertainty among traders. Analyst Carl Runefelt notes that this period may lead to a breakout, potentially targeting $0.63 if the resistance is surpassed.
Runefelt's analysis suggests that Dogecoin is trading within a bullish pattern, part of a broader setup for significant gains. The price action of DOGE is closely linked to Bitcoin, which recently rose above $100,000, potentially signaling a major breakout for altcoins.
Dogecoin's price has made several attempts to break the $0.44 level but remains in a sideways pattern. A daily close above this key resistance could trigger a substantial rally. Historically, Dogecoin's breakouts are notably aggressive and substantial once they occur.
The $0.44 level is a significant psychological barrier and a signal of renewed strength if DOGE can establish it as support. Until then, patience is paramount as Dogecoin builds a foundation for its next notable move.
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